University leavers graduate to the unemployed queues
Published: 01 July, 2009, 22:57
Edited: 02 October, 2009, 07:00
TAGS: Investment, Markets, Retail, Economy
400,000 school and university students graduate this week. Many will go straight into the ranks of the unemployed. The head of the national jobs agency warned RT now is the worst time for young people to look for work.
When finance whizzkid Dmitry Marinchenko got into MGIMO University 5 years ago his future seemed made. Banks needed talent and were ready to offer a 170000 dollar starting salary, before bonuses. Today he graduates, to a different scene.
“It's a really tough job to find a job. I visited about 20-25 companies and most said I lacked job experience. Problem – a lot of layoffs, and experienced people on the market with same. I know about 10 people from my Uni’ who tried to find a job just as me… but a lot of them, well, have no response.”
The bloodiest carnage is among bankers and lawyers. But Yury Gertsiy, Head of the Federal Employment Service, says jobless numbers will rise across the board.
“This is the worst time to join the job market. Employers are most hostile to twentysomethings who have yet to prove their abilities. That's why by September the jobless rate will go up.”
In a year Russia’s official unemployment rate soared from 6 to 10%. Add those who don't register and the real rate is even higher.
These fresh-faced teens will now have to do battle with veteran barristers and financiers who've just got the sack.
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Government must subsidize young graduates in stratgic areas, during the unemployment period. Government cannot allow foreign economic schemes gone wrong, to delay the application of thier best young and educated talent. It would be a major mistake. The legislature should move immediately and bring this issue before the exexcutive to sign the monies. Waist your best student on foreign errors?
University graduates could be utilized to help solve the economic crisis rather than going into the unemployed status. It would be terrible to waste the talents of these graduates. Also the super rich could be assessed to finance these graduates since it is in their interest to have the brightest minds available to guide their companies/indeavors.